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01/10/2013 �� ta� �� BADAWI�tASSOCIAT�S , .. �. _. INDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES ON THE AGGREGATE REMAINING FUNDS OF THE RDA SUCCESSOR AGENCY IN ACCORDANCE WITH CALIFORNIA ASSEMBLY BILL N0.1484 To the Oversight Board of the City of Redwood City Redevelopment Agency's Successar Agency Redwood City,California We have performed the procedures enumerated below, which were agreed to by the City of Redwood City Redevelopment Agency's Successor Agency (Successor Agency), solely to assist you in meeting the requirement of the due diligence review of the Aggregate Remaining Funds of the Successor Agency, as required by the California Assembly Bill No. 1484. The Successor Agency's management is responsible for all schedules and exhibits prepared for this due diligence review. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of those parties specified in the report. Consequently,we make no representation regarding the sufficiency of the procedures described below, either for the purpose for which this report has been requested or for any other purpose. The procedures performed and our results are described below: 1. Obtain from the Successor Agency a listing of all assets that were transferred from the former redevelopment agency to the Successar Agency on February 1, 2012. Agree the amounts on this listing to account balances established in the accounting records of the Successor Agency. Identify in the Agreed-Upon Procedures (AUP) report the amount of the assets transferred to the Successar Agency as of that date in Exhibit 1. Results: No exceptions were noted as a result of our procedures. 2. If the State Controller's Office has completed its review of transfers required under both Sections 34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as an exhibit to the AUP report. The State Controller's Office review has not occurred, therefore we will perform the following procedures: A. Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods and services) from the former redevelopment agency to the city, county, or city and county that formed the redevelopment agency for the period from January 1, 2011 through January 31, 2012. For each transfer, determine that the Successor Agency described the purpose of the transfer and described in what sense the transfer was required by one of the Agency's enforceable obligations or other legal requirements. See Exhibit 2 for the listing. Address Phone: Fax: 2 OB RESO 13-01